When you have a trip planned to any part of the world
, it could be a long one, be it a holiday trip or business trip. There are a number of international money transfer services that can assist you in transferring money anywhere in the world. It would be a good idea to have an account with a bank that can be operated from both the foreign country as well as from your home country.
Popular money transfer services
Global money transfers: Here, you would sell a currency at a certain rate and buy another at a different rate. This is popular among travelers as cost of transferring money is low. There are hardly any companies which offer free money transfer.
Money transfer online: There are service providers who facilitate the transfer of money at relatively low cost. This is because they do not have a physical location or branch and you can avail their services on the internet. Thus, online transfer of money is a good alternative to money transfer through banks.
Bank/Wire transfer or Post-office
This is the option that facilitates money transfer services across banks internationally, between two separate entities. The banks charge both the recipient and the sender for the money transfer services. This is most effective way to transfer money that can be done in cash, through most of the banks. The wire money transferred can be recalled. However, charge backs are not done on wire transfers.
Other electronic transfers
With the advancements in technology, the processes and systems supporting international money transfer services are continuously evolving. There are advanced services like e-fund transferring systems available to you. These are distinct from wire transfers; here the payments are usually in the form of electronic cheques and this is a preferred mode of payment transfer internationally due to its high security features